Palumbo Wealth Management LLC Increases Position in Occidental Petroleum Co. (NYSE:OXY)

Palumbo Wealth Management LLC boosted its stake in shares of Occidental Petroleum Co. (NYSE:OXY) by 22.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,458 shares of the oil and gas producer’s stock after purchasing an additional 4,742 shares during the period. Palumbo Wealth Management LLC’s holdings in Occidental Petroleum were worth $1,312,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of OXY. First Trust Direct Indexing L.P. raised its stake in shares of Occidental Petroleum by 9.9% in the 1st quarter. First Trust Direct Indexing L.P. now owns 20,755 shares of the oil and gas producer’s stock valued at $1,349,000 after acquiring an additional 1,865 shares during the period. Everett Harris & Co. CA raised its stake in shares of Occidental Petroleum by 16.7% in the 1st quarter. Everett Harris & Co. CA now owns 5,195 shares of the oil and gas producer’s stock valued at $338,000 after acquiring an additional 742 shares during the period. SpiderRock Advisors LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter valued at $276,000. J.W. Cole Advisors Inc. raised its stake in shares of Occidental Petroleum by 7.1% in the 1st quarter. J.W. Cole Advisors Inc. now owns 9,167 shares of the oil and gas producer’s stock valued at $596,000 after acquiring an additional 609 shares during the period. Finally, Lodestone Wealth Management LLC raised its stake in shares of Occidental Petroleum by 0.4% in the 1st quarter. Lodestone Wealth Management LLC now owns 50,256 shares of the oil and gas producer’s stock valued at $3,266,000 after acquiring an additional 206 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on OXY shares. Wells Fargo & Company lowered their price target on shares of Occidental Petroleum from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Friday, September 27th. Bank of America started coverage on shares of Occidental Petroleum in a report on Thursday, October 17th. They set a “neutral” rating and a $57.00 price target for the company. Susquehanna lowered their price target on shares of Occidental Petroleum from $78.00 to $77.00 and set a “positive” rating for the company in a report on Friday, October 18th. Stephens reissued an “overweight” rating and set a $76.00 price objective on shares of Occidental Petroleum in a report on Thursday, August 8th. Finally, UBS Group decreased their price objective on shares of Occidental Petroleum from $70.00 to $59.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $65.72.

Insider Buying and Selling at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Petroleum Corp /De/ Occidental sold 19,500,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $35.75, for a total transaction of $697,125,000.00. Following the completion of the transaction, the insider now directly owns 165,681,578 shares of the company’s stock, valued at $5,923,116,413.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.48% of the stock is currently owned by company insiders.

Occidental Petroleum Stock Performance

Occidental Petroleum stock traded up $0.05 during midday trading on Thursday, reaching $50.22. 1,200,483 shares of the stock traded hands, compared to its average volume of 9,097,713. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 0.77. The firm has a fifty day moving average price of $53.09 and a two-hundred day moving average price of $58.83. The firm has a market cap of $45.48 billion, a price-to-earnings ratio of 12.36 and a beta of 1.57. Occidental Petroleum Co. has a fifty-two week low of $49.75 and a fifty-two week high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its earnings results on Wednesday, August 7th. The oil and gas producer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.93 billion. Occidental Petroleum had a net margin of 16.62% and a return on equity of 17.91%. Occidental Petroleum’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 EPS. On average, equities research analysts forecast that Occidental Petroleum Co. will post 3.31 earnings per share for the current year.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.